heads up -- time to go change your withholding and hold on to your wallet

[Business_Casual]

Have a good friend that claims 14 kids. Ya he owes ever year,but hates loaning his hard earned cash to Uncle for free.

Unless you actually have that many dependents, I'm not sure that is legal; in case anyone is thinking they should try it.

M_P

[czydj]

Unless you actually have that many dependents, I'm not sure that is legal; in case anyone is thinking they should try it.

M_P

You can claim any number of exemptions on your W-4, all the way up to "exempt". You have to report actual, legal number of allowances on your 1040. IIRC, underpayment penalties could start to come into play if you don't pay enough taxes through the year on a regular basis.

If you're planning on using this strategy, consult a tax pro so you don't get penalized by the IRS and have to sell a couple of M4's to cover the bill.

I started looking on irs.gov and the H&R Block site, but man, no thanks. Taxes and government regulations are so insanely complex and muddled, I hate reviewing them. FWIW, I got my degree in accounting and finance, but got out of it for more exciting endeavors...